Brazil’s 12-month inflation at 7.23%

Brazil’s government says accumulated inflation in the last 12 months is at its highest level in six years. The government’s statistics bureau says inflation in the 12 months through August hit 7.23 percent. That’s well above the upper limit of the government’s inflation target, which is 6.5 percent. The statistics agency says rising food prices were responsible for about half of the inflation seen in August.